All of this matters only to the degree that producers are able to pass prices onto consumers, clearly the more significant element in the Fed's calculus on when to move next in terms of rates. Markets now look ahead to another relatively light session in terms of data on Thursday, highlighted by consumer prices and jobless claims. Given the upward pressure seen from producer prices, renewed gains from CPI could have many seeing the Fed back on course to resume raising rates before year-end (though none of this really matters in the interim with greater focus on the start of balance sheet reduction likely coming at next week's FOMC meeting). *^**^*